That tactic is becoming as common as Shamu’s daily shows. As IPO markets have been touch and go, private equity over the past year has several times turned to the so-called dual track for exits.

Putting a company’s financials on display in an IPO filing also serves as revealing details that can attract buyers. And sales provide the PE owners with an immediate return that skips the occasional sloppiness of the stock market.

But at the same time, it hedges the owners from any failed auction by allowing the IPO to go on, particularly attractive in a tepid the M&A market.

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.